The Serbian Oil Industry (NIS) has submitted a new request to the US Treasury Department to postpone the full implementation of sanctions and to continue the company's operations.

The request concerns the period after July 29, i.e. after the expiration of the previous decision issued on June 26.

So far, the company has been issued four special licenses by the US Treasury Department's Office of Foreign Assets Control (OFAC).

NIS was sanctioned for the so-called "secondary risk" - its connection with Russia's Gazprom Neft, which is subject to Western sanctions due to Russia's invasion of Ukraine.

Meanwhile, Gazprom Neft transferred about 5% of its stake in NIS to Gazprom, the Russian company not subject to Western sanctions. As a result, Gazprom Neft's share in NIS is now below 50% (44.85%).

Russian companies continue to hold a majority stake in NIS, despite the changed ownership structure.

NIS is the only company in Serbia engaged in the exploration, production and refining of oil and natural gas production. | BGNES